Federal Bank was penalised as it issued some demand drafts, each for a value of rupees fifty thousand and above, without incorporating the name of the purchaser on the face of it.
The Uttar Pradesh Real Estate Regulation Authority (RERA), has imposed a penalty of Rs 1.77 crore on 13 real estate promoters. The regulatory authority took the decision at a meeting held in Greater Noida .
The Authority, in its 111th meeting held under the chairmanship of Rajive Kumar on Monday, noted with displeasure that some of the promoters have indulged in non-compliance of its orders despite the Authority granting them sufficient time for the same.
Kumar said that the Authority is continuously taking strict decisions against the insensitive promoters for protection of the interests of the home buyers. The Authority is fully committed to protect the interests of home buyers and, for this, the Authority is taking all possible steps to regulate the real estate sector of the state according to the RERA Act, he said in a statement.
Kumar said the action against the guilty promoters is an important step towards compelling them to comply with the orders of the Authority. Taking the above facts in to account, the Authority decided to impose appropriate penalty against the promoters to ensure compliance of its orders and protect the interests of the home buyers.
The Authority, using its powers under section 38/63 of the RERA Act which empowers it to penalise the non-compliant promoters with up to 5% of the cost of the project, decided to impose penalty against the promoters.
The Authority further directed the promoters to submit the compliance report of its orders within 15 days and deposit the amount of penalty within 30 days, otherwise the amount of penalty shall be recovered as arrears of land revenue.
Penalty have been imposed on Gardenia India Ltd., Elegant Infracon Pvt. Ltd., Rudra Buildwell Projects Pvt. Ltd., Unibera Developers Pvt. Ltd., K V Developers Pvt. Ltd., Three C Green Developers Pvt. Ltd.,Suncity Hi-Tech Infrastructures Pvt. Ltd.,Antriksh Engineers Pvt. Ltd. (Antriksh), Antriksh Realtek Pvt. Ltd., Anil Gupta, Idea Builders Pvt. Ltd., Gardenia Developers AIMS Pvt. Ltd. and Logix Infrastructure Pvt. Ltd.